The Nigeria Police have accused Sterling Bank of fraud, money laundering, and illegal deductions from customer accounts. This was revealed during a hearing at the House of Representatives Committee on Public Petitions in Abuja on Wednesday.
The case began after Maiden Systems Ltd filed a petition against Sterling Bank, the Central Bank of Nigeria, and Shell Petroleum, accusing them of mismanaging its funds, making fraudulent debits, and mishandling its accounts.
Police representatives, CSP Kabiru Yahaya and CSP Sunny Amison, told the committee that their investigation found the bank guilty of the allegations. They said Sterling Bank could not provide evidence to counter the claims made by Maiden Systems Ltd.
According to the police, Maiden Systems Ltd had four accounts with Sterling Bank—two in U.S. dollars and two in naira. The company regularly received payments from Shell Petroleum, but investigators found serious issues with how the bank handled the funds.
Maiden Systems claimed that the bank was not providing account statements. Although the bank staff claimed these statements were sent electronically, there was no proof of this. Upon examining the accounts, investigators discovered discrepancies, unexplained debits, and suspicious transactions.
One major issue involved a $30 million loan that Sterling Bank said Maiden Systems owed. Between 2016 and 2017, about $28.3 million was deducted from Maiden Systems’ accounts to repay the loan, but the bank could not properly explain these transactions. For instance, on September 29, 2016, $2.4 million was debited, on November 14, 2016, $1.25 million was deducted, and on January 16, 2017, over $28.3 million was removed.
The police also found inconsistencies in the bank’s records of how much was still owed. Staff managing the accounts were unable to provide clear answers when questioned.
The investigation raised further concerns about possible money laundering. Funds were transferred between accounts without proper explanations, and the bank failed to provide evidence that could clarify the transactions. CSP Amison said the bank’s own records supported allegations of mismanagement, fraudulent debits, and financial crimes.
In response, the Chairman of the House Committee, Mike Etaba, assured all parties that the police report would be carefully reviewed and justice would be served.
